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The Jupiter price dropped 12% in the last 24 hours to trade at $0.7652 as of 11:33 p.m. EST on trading volume that skyrocketed 206% to $808 million.
This comes after the launch of its 700 million token airdrop, valued at $567 million, to approximately 2 million eligible wallets.
our APIs power much of DeFi – if you're a longtime Solana user you might have used Jupiter without knowing it.
check https://t.co/gmfodjJiqy to see if you're eligible! https://t.co/5Lg9ZihBmz
— Jupiter 🪐 (@JupiterExchange) January 22, 2025
Jupiter Currently Headed For Support
The daily chart for the JUP price demonstrates a highly volatile price movement with significant peaks and troughs. Recently, the Jupiter price attempted a rebound from the $0.60 support zone and formed a rounded bottom pattern, which typically signals a potential bullish reversal.
However, this reversal was short-lived, as the price of Jupiter failed to maintain momentum, breaking back below the 50-day Simple Moving Average (SMA) ($0.9422), according to GeckoTerminal data.
The price of Jupiter now trades way below both the 50-day and 200-day SMAs, which shows that the asset is
JUP is currently moving towards the $0.6881 support. This level aligns with previous horizontal support and is a critical defending area for bulls.
The breakdown of the rounded bottom indicates that bearish pressure has reasserted itself, putting the overall trend into bearish-to-neutral territory.
Meanwhile, the Relative Strength Index (RSI) stands at 42.64, showing a bearish tilt but not yet oversold. This suggests that there is still room for further downside, but if the RSI approaches or falls below 30, it could indicate oversold conditions and a possible short-term reversal.
JUP Could Still Fall
Given the current indicators and price action, JUP is likely to remain under pressure. A breakdown below the $0.7652 support level could see Jupiter targeting the $0.60 zone, which is the next significant support. A bearish continuation would be reinforced if trading volume increases on the downside.
On the other hand, if bulls manage to defend the $0.7652 level and push the Jupiter price back above the 200-day SMA ($0.9196), it could retest the $1.00 resistance zone.
Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 722K subscribers, says SOLX has the potential to soar 100X post-launch.
Solaxy ICO Raises Over $13.6 Million
In a little more than a month since its presale launched, Solaxy has surged past the $13.6 million milestone as investor interest continues to surge.
Solaxy enhances Solana, a blockchain already known for its fast transaction speeds and low costs. It builds on these strengths while addressing some of Solana’s challenges, such as network congestion, failed transactions, and the persistent scalability issue.
The project’s solution relies on three key features: off-chain processing to handle the heavy work, transaction bundling to cut costs, and secure settlement back on the main Solana chain.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer-1 capabilities.
Solaxy also offers holders who stake their SOLX tokens a huge annual yield of 281%. Over 4 billion SOLX have been staked so far.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00161 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 2 days to secure the best deal.
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